NO.PZ2018103102000046
问题如下：
Jacques is the portfolio manager of AB pension and she considers adding PZ Inc. to her portfolio. Previously, she believed the company would have extraordinary growth for 4 years and normal growth thereafter. After carefully considering the characteristics of the company and its competitors, she is wondering what the consequences would be if the duration of the first stage was assumed to be 8 years instead of 4, with all the other assumptions/estimates remaining the same. Which of the following statement is true?
Statement 1: If the H model is used, the total value estimated would increase.
Statement 2: By using DDM, the proportion of the total value of the stock represented by the second stage would not change.
选项：
A. Statement 1.
B. Statement 2.
C. Both of it.
解释：
A is correct.
考点：DDM& H-model
解析：A是正确的。Statement 2错在如果较高的增长率将持续更长的时间，那么股票的价值就会上升。
看了之前提问的助教回答，如下 Hmodel 是从第二阶段开始算的，那么多了三角形面积，肯定是高估。但是题目没有说清楚从哪一个阶段开始H model,如果从第一阶段开始肯定少了三角形面积，肯定就是低估了。